JD Sports Fashion Plc Acquisition (0405T)
March 23 2016 - 6:26AM
UK Regulatory
TIDMJD.
RNS Number : 0405T
JD Sports Fashion Plc
23 March 2016
23 March 2016
JD Sports Fashion Plc
Conditional acquisition of trading assets and trade of
Aktiesport and Perry Sport retail fascias
JD Sports Fashion Plc ('JD'), the leading retailer of sports,
fashion and outdoor brands, announces that it has exchanged
contracts, via its newly incorporated subsidiary Sports Unlimited
Retail BV, for the acquisition of the trading assets and trade of
the Aktiesport and Perry Sport fascias from the Trustee of
Unlimited Sports Group BV which was declared bankrupt by the court
of Amsterdam on 23 February 2016.
Upon completion, a total cash consideration of EUR26.5 million
is payable excluding fees, retention of title and other claims
arising consequent upon the bankruptcy process. The assets acquired
comprise principally inventories, fixtures and fittings and
intellectual property with the consideration being funded from cash
resources. In accordance with Dutch Law, the transaction has been
notified to the Authority for Consumers & Markets ('ACM') in
the Netherlands. Completion of the acquisition is therefore
conditional on JD receiving formal clearance from the ACM.
Based in Amsterdam, Aktiesport and Perry Sport are heavily
represented throughout the Netherlands with a combined portfolio of
187 stores of which 55 will close imminently following the
termination of the lease by the Bankruptcy Trustee. Prior to this
acquisition, JD has a more limited presence in the Netherlands with
16 stores and a Dutch language trading website.
For the year ended 31 December 2014, the combined Aktiesport and
Perry Sport businesses delivered aggregated results which showed
consolidated revenues of EUR159.4m, an operating profit of EUR1.5m,
a profit before tax of EUR0.2m and gross assets of EUR67.4m.
Peter Cowgill, Executive Chairman of JD Sports, commented:
"We are delighted with the acquisition of these well-established
retail businesses, which will strengthen our presence in the
Netherlands, in line with our ambition to increase our European
footprint."
Enquiries:
JD Sports Fashion Plc Tel: 0161 767 1000
Peter Cowgill, Executive Chairman
Brian Small, Chief Financial Officer
MHP Communications Tel: 0203 128 8100
Andrew Jaques
Barnaby Fry
Gina Bell
This information is provided by RNS
The company news service from the London Stock Exchange
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